Analysts Set Spirit Airlines, Inc. (NYSE:SAVE) Target Price at $2.64

Shares of Spirit Airlines, Inc. (NYSE:SAVE) have been assigned an average rating of “Strong Sell” from the nine analysts that are covering the company, MarketBeat reports. Seven investment analysts have rated the stock with a sell recommendation and two have issued a hold recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $2.64.

Several research firms have commented on SAVE. TD Cowen lowered Spirit Airlines from a “hold” rating to a “sell” rating and cut their price objective for the stock from $3.00 to $2.00 in a research note on Wednesday, July 17th. Barclays decreased their price objective on Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating on the stock in a report on Wednesday, July 10th. Bank of America decreased their price target on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a research note on Wednesday, July 17th. Susquehanna cut their price objective on Spirit Airlines from $3.00 to $2.50 and set a “negative” rating on the stock in a research report on Tuesday, July 16th. Finally, Raymond James lowered Spirit Airlines from a “market perform” rating to an “underperform” rating in a research report on Friday, July 5th.

Spirit Airlines Price Performance

Shares of Spirit Airlines stock opened at $2.75 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 3.17. Spirit Airlines has a twelve month low of $2.54 and a twelve month high of $17.94. The business has a 50-day moving average price of $3.28 and a 200 day moving average price of $4.39. The firm has a market cap of $301.13 million, a PE ratio of -0.62 and a beta of 1.41.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($1.44) earnings per share for the quarter, missing the consensus estimate of ($1.30) by ($0.14). Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 53.58%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the prior year, the firm earned $0.29 EPS. Spirit Airlines’s revenue for the quarter was down 10.6% on a year-over-year basis. Sell-side analysts predict that Spirit Airlines will post -4.79 earnings per share for the current fiscal year.

Institutional Trading of Spirit Airlines

A number of hedge funds have recently added to or reduced their stakes in SAVE. Signaturefd LLC boosted its stake in Spirit Airlines by 127.6% in the 2nd quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock worth $29,000 after buying an additional 4,443 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Spirit Airlines by 467.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock worth $32,000 after purchasing an additional 1,623 shares during the period. First Horizon Advisors Inc. purchased a new position in shares of Spirit Airlines in the 4th quarter worth about $33,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Spirit Airlines by 862.8% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock worth $57,000 after purchasing an additional 3,106 shares during the period. Finally, TFO Wealth Partners LLC raised its holdings in shares of Spirit Airlines by 21,975.0% in the 4th quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company’s stock worth $58,000 after purchasing an additional 3,516 shares during the period. 58.73% of the stock is owned by institutional investors and hedge funds.

About Spirit Airlines

Spirit Airlines, Inc provides airline services. The company also offers hotels and rental cars services. It serves 93 destinations in 15 countries in the United States, Latin America, and the Caribbean. As of December 31, 2023, the company operated a fleet of 205 Airbus single-aisle aircraft. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc in 1992.